Why Carnival Stock Skyrocketed 130% in 2023
Carnival Corp. (NYSE: CCL) stock gained 130% in 2023 according to data provided by S&P Global Market Intelligence. Its business rebounded sharply from pandemic lows, and it's now well positioned to perform as an industry leader.
Carnival's revenue went to zero during the worst phase of the pandemic, and it borrowed heavily to remain solvent. It had been the cruise industry leader and a market-beating stock before the pandemic, and the likelihood was a return to that status as the world recovered.
Carnival came into fiscal 2023 with $12 billion in annual revenue and a $1.6 billion loss. It exited the year with $21.6 billion in revenue, surpassing pre-pandemic levels, and a $74 million loss, including one quarter with positive generally accepted accounting principles (GAAP) net income.
Source Fool.com
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